The Cumberland changes the financial future of 1,300+ children
The need
Young people in the UK frequently don’t understand how finances work and how to manage money. This adds to difficulties later in life, like needing to borrow money to pay bills, having little savings, and not planning for retirement.
That young adults are already in debt is not surprising, given the lack of financial literacy: only 47% of 7-to-17-year-olds in the UK receive basic financial education at home or at school.(1) Organisations like The Cumberland Building Society are changing that.
"In our area, there are people in their early 20s who are massively in debt. It’s a huge issue around here." Teacher from the North West of England
The why
The Cumberland Building Society is owned by its members. As a result, it has social purpose built into its DNA. Beyond providing financial services to the North West of England, the organisation is driven to help the region be financially stronger and inclusive.
"We want to support our local community with what matters to them. One way to do that is to help young people develop skills and knowledge to improve how they manage their finances and make financial decisions." Nigel Taylor, Head of Marketing and Brand at The Cumberland
The solution
To address young people’s lack of financial literacy, The Cumberland set out to educate the next generation. Their goal was to educate young people on how money works and to empower them to make healthy financial decisions. To that end, they partnered with EVERFI from Blackbaud to offer the Vault course to primary schools in the North West of England, free of charge.
Vault: Understanding Money is a digital, interactive programme teaching children how to make wise financial decisions and improving skills like goal-setting and responsible decision-making. The interactive lessons engage students in an immersive adventure that translates financial concepts into relatable experiences, helping children develop strategies to manage their future finances.
In addition to sponsoring the digital course – which teachers deliver in the classroom –, The Cumberland also attended over 20 school events facilitated by the EVERFI team. In these events, employees answered students’ questions about money, the finance industry, and careers in banking, supporting learning and raising children’s aspirations.
"We want to raise aspirations at every turn. When students can see someone local, from our community, that works in that company, that’s a really good point." Teacher from the North West of England
The impact
To date, The Cumberland has engaged 1,377 students in 41 primary schools, with a significant 35% gain in students’ knowledge of financial matters. The results show the programme’s goals are being met:
- Students know more about money and how to manage it
- They got better at differentiating between needs and wants
- Children understand better their parents’ budget constraints
Teachers were also happy that the lessons helped put Maths into context, illustrating some of the important real-life applications of this subject.
"If we learn it at our age now, when we become adults and get our own houses, we will be prepared to save money for our bills and food." Student participant
The effect on business
The results of the programme and the feedback from teachers and children have reinforced The Cumberland’s commitment to investing in this programme, which they feel captures the spirit of their ‘Kinder Banking’ ethos. The achievements of the programme have been felt across the organisation.
"Our colleagues experience a sense of pride and fulfilment, knowing that we are actively contributing to our community. Our colleagues who have attended events have seen for themselves how, even in a short period, students become more confident in their financial knowledge." Des Moore, CEO at The Cumberland Building Society
The verdict
For The Cumberland, the partnership with EVERFI from Blackbaud has fostered a sense of community and shared purpose in supporting the next generation. It has enabled the company to further live its values and culture through ‘storydoing, not just storytelling’
Sources:
(1) Money and Pensions Service. (2023). UK children and young people’s financial wellbeing survey: Financial foundations